11. Annual maintaining
All IBC companies must pay annual renewal fees (IBCs, pay these fees include to tax) to the Government. In addition to those, annual service fees are payable for the Registered Agent, Address services, Management Service and other additional service (as may have been ordered).
The annual professional fees to the Registered Agent are also accounted on a yearly basis and their due date for reference purposes is the registration anniversary date of the Company. For practical reasons, the annual Government fees and annual professional fees are usually raised in one invoice.
We follow up the due time for companies in our database and we would contact you approximately one months before the next anniversary of your company. We will then ask you to confirm that the operation of your company should continue for the next year. If yes, an invoice will be generated and sent to you in account for the government annual renewal fee and for the provision of the Registered Address and Agent services and other regular services that may have been ordered at incorporation. The annual renewal fees are all identified in our Fees section.
The Customer ID and password is also mentioned on the first notice email by us, you can make payment online by logging in and take payment on our website. After payment of the renewal fees we will take care of the renewal formalities for your company. If required, we will also obtain the Certificate of Good Standing for Your Company (additional fee).
The Jurisdiction’s Government only accept the annual license fees from the Registered Agent of the particular Company. Therefore, unfortunately, clients are precluded from paying the Government fees directly.
(!) Important! The annual renewal fees MUST be paid on time. Non-payment of annual renewal fees will make the company lose its status of good standing, and the company will also incur severe late penalties and legal consequences, and will ultimately be struck-off the Registrar for being in default of its obligations.
A Company, which is struck-off the Registrar shall remain liable to any due and unpaid fees. It also remains liable to all its obligations and debts. Such company may not continue to trade or enter into any new transactions whatsoever, and its directors, shareholders and managers are by law precluded from any operations or transactions with the assets of the Company. Striking-off a Company means essentially that all its assets and funds are legally frozen until the Company is restored in good standing – or legally dissolved. In certain circumstances the owners of the Company may become personally liable with all their private assets for debts or obligations of the defaulted company.
Late payment for annual licence fees is accepted, but this will involve late penalty fees, depending on the number of days after the due date. Approximate rate of penalty fee will apply for late payment straight after the due date (depend on late time and rule of each country). It is possible to restore a company after it has been struck off the Registrar, but a substantial fee will apply depending on the number of days after strike-off. Company reinstatement also involves substantial professional fees, which may largely exceed the Government late penalty fees.